What happens after failure of foreclosure?

[stella7]

Failure to make payments results in the foreclosure of the mortgage. Foreclosure allows the mortgagee to declare that the entire mortgage debt is due and must be paid immediately. But does anybody know what happens when someone still cant pay after the foreclosure occurs?

[mamab]

If you cannot pay your payments after a foreclosure, you have to give up your house. The company will then sell the house and try to recoup their lost money from the foreclosure.

[nangel78]

I have made my mortgage payments on time for my house. I have heard of foreclosures though.

[aquariancore]

In many cases you can be held liable for the balance of the debt is the house undersells. At any rate your credit is in the dumper.

[Melizzy]

Quote:

Originally Posted by stella7

Failure to make payments results in the foreclosure of the mortgage. Foreclosure allows the mortgagee to declare that the entire mortgage debt is due and must be paid immediately. But does anybody know what happens when someone still cant pay after the foreclosure occurs?

Yes, you find a new place to live. You will have 30 days to get out of the house and then it will be sold or auctioned off.